Daily News

TSR revenue slips 12.9%

January 09 2009

TSR Inc. (NASD: TSRI), a Hauppauge NY-based information technology staffing firm, said Thursday that revenue fell 12.9% to $11.5 million in its fiscal second quarter ended Nov. 30. And the company said economic conditions will likely affect earnings for the remainder of its fiscal year.

"The deteriorating economy has spread beyond the financial services sector where TSR has historically obtained approximately 20% of its revenue," said CEO Joe Hughes. "This broadening has had a serious impact on our bottom line as evidenced by the results of the quarter just ended."

TSR said the decrease in revenue came because the number of its consultants on billing with customers was down to 281 compared with 348 in the same period in the previous year.

Fourth-quarter net income fell 41.8% to $220,000 as customers reduced the company's margins and opportunities to place new consultants slowed, TSR reported.

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